Tiffany & Co. Brand Audit

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  • Tiffany is not strongly perceived as a luxurious brand by customer (Cartier has a stronger associations with prestige/royal
  • Tiffany & co. is popular for celebrity and also sponsor celebrity through some social events.-In William and Kate’s first official arrival in U.S., Tiffany sponsor the Tiffany Blue® flags raised along the road to welcome them.-KeiraKnightley loves Tiffany & Co. Elsa Peretti Round Pendant, she wears it with everything-Tiffany also on Red Carpet
  • Tiffany & co. sponsor the Christmas events in other different countriesIn 2010, Tiffany & Co. sponsors skate at Somerset House in London during 2010 Christmas. Tiffany also light their Christmas tree in Hong Kong.
  • ‘Return to Tiffany’ Collection was introduced in 1997. ‘Please return to Tiffany & Co, New York’ symbol was well known by consumers, and this simply and well-designed bracelet sold fantastically well. However, this short term sales success raised a fundamental threat to Tiffany & Co (Too many numbers of silver customers) Tiffany & Co is loosing its identity as a high-end luxury brand
  • -Focus on the young, such as student and people just start working. -competitors: pandora and swarovski
  • Tiffany & Co. Brand Audit

    1. 1. Brand Audit ofChan Siumei | Feng Yunru | Zhang Shun Yu Qiantao | Huang Chaohua | Zhao Meng
    2. 2. AgendaBrand Overview CBBE Model Issues and problems LimitationsRecommendations & Q&A
    3. 3. Tiffany &Co.Brand Overview • By Charles Lewis Tiffany & Teddy Young, • New York, 1837 • 76 best global company • Prominent Tiffany Blue box • Introduced 925 silver standard and metric carat • Initiator of 6-prong diamond
    4. 4. Current Campaigns “What Makes True love” Engagement Rings Finder Christmas Collection
    5. 5. Current Campaigns “What Makes True love” Engagement Rings Finder Christmas Collection
    6. 6. Point Of Difference POP POD  Unique packaging  Luxury Brand  Engagement ring  High Quality  DesignMajor Competitors
    7. 7. Brand PositionSelf Position Perceived Position High-end High-end Classic Classic Fashionable Low-end
    8. 8. Brand Audit – CBBE Model Resonance Judgments Feelings Performance Imagery Salience
    9. 9. Brand Awareness 60% 50%Top of mind awareness 40% 30% 20% 10% 0% Tiffany & Co Cartier Pandora Swarorski
    10. 10. Salience Breadth  Strongly linked with wedding and engagement.Male Wedding Female Anniversary Wedding Wedding Wedding 17% 17% Anniversary 20% 21% Friendship present 9% EngagementFriendship present 18% 9% Engagement 19% Relationship Relationship present present Occasional Self reward Occasional 14% 19% present Self reward present 14% 7% 5% 11% Try to broader its Try to increase market brand breadth!
    11. 11. Strength of AssociationsBlue box(35%)  Prestige/Royal (30%)Wedding(25%)  Luxury brand (25%)Sliver(20%)  Panther (20%)Luxury brand(10%)  Red(15%)Romance (5%)  Watches (10%)Breakfast at Tiffany (5%) Improve positive associations which Tiffany is lack of now.
    12. 12. Performance Most important attributes when choosing jewelries  Design& quality,  Price& reputation  Low ratings on packaging & product category 7 77 6 665 44 33 2210
    13. 13. Performance Comparison of attributes  Simplicity of design  Large proportion of counterfeit in market  Affect perceived quality Try to improve market9 9 9 9 supervision! 8 8 88 77 6 6 Tiffany6 5 5 Cartier543 2210
    14. 14. Brand Elements-Name Simple & Easy to Remember 3 Good name! Meaningful 2 Classic & Keep it! Friendly 1 Delicate &Fashionable Elegant Feminine & Outstanding Enthusiastic
    15. 15. Brand Elements-LogoLuxury and classic Simple 3 Quality & Not meaningful and outstanding 2 Reputation 1 Luxury Classic Image Meaningful Outstanding Should they add some elements in logo to differentiate?
    16. 16. Brand Elements- SloganHave you ever heard any Slogans of Tiffany & Co.‟s ?6050 “There is only one True40 Love.”30 Have a consistent20 slogan for the whole10 brand0 Yes No
    17. 17. Brand Personality• Sophisticated and upper class• Competent and reliable• Lack of Excitement and sincerity• Not rugged at all Be more fun!
    18. 18. Users Profile 25-45 female In a relationship or married Middle-upper class Elegant and charming
    19. 19. Brand quality Quality ranking between the two9.0 brands are similar8.07.06.0 Price are more acceptable than5.0 Cartier Brand credibility4.03.02.0  In customer‟s mind, the1.0 perceived reputation and0.0 design of Tiffany are lower than Tiffany & co Cartier Cartier Reinforce Reputation & quality Improve designing
    20. 20. Leveraging 2nd Association Product PlacementMovies Breakfast at Tiffany‟s Bride WarSeries Gossip Girl Desperate Housewives
    21. 21. Leveraging 2nd Association CelebrityTiffany on Red carpet
    22. 22. Leveraging 2nd Association SponsorshipsTiffany & Co.sponsors skate atSomerset House inLondon during 2010Christmas Tiffany light their Christmas Tree in Hong Kong
    23. 23. Leveraging 2nd Association 40 percent of possibility they would buy Tiffany & Co.35302520151050 least 20% 40% 60% most likely likely
    24. 24. Feelings Social approval, romantic Middle warmth & sense of security Low fun and excitement towards Tiffany & Co. Need to enhance2.5 fun/excitement and warmth/sense of security Romantic 2 Social approval Pride Esteem1.5 Sense of 1 Warmth security Excitement0.5 and passion 0-0.5 Fun
    25. 25. Resonanceonly 11 respondents have purchasing experienceToo expensive 8% Never 1 2 3+ 7%6% 79%
    26. 26. Variation of Purchase And Non-purchaser Purchaser Non-Purchaser Make the store more2.5 welcoming 21.5 10.5 0 Popularity among Stores Welcomeing Reference Group
    27. 27. Resonance-Facebook Resonance Majority would like to „like‟ Tiffany‟s Facebook Not sure No Yes
    28. 28. Tiffany & Co. & Facebook Over 2 million LIKEs, 3 times over Cartier Over 50 thousand TALKING about the brand, 5 times over Cartier Maintain social media interaction
    29. 29. Overall Attitude Average in Neutral Need to be improved Overall attitude towards to Tiffany & Co. Very Very Unfavorable Neutral favorable
    30. 30. Limitations• Sample Size 52 in class survey/ 27 Online survey• Constraints of sample‟s age group
    31. 31. Recommendations Beware of the importance of cultural elements in products Strengthen awareness of men‟s collection Increase brand breath Market supervision Store more welcoming Consistently use a same slogan particularly for the brand Maintain social media interaction
    32. 32. Localisation of Products Tutti Frutti Indian Cartier launches localised accessories into different markets Consider this, tiffany could  Hire local designers  Incorporate cultural elements into products  Panda - China  Eiffel tower - France Dragon China
    33. 33. Men‟s Collection Campaign• Find someone to endorse for• Slogan “The Best Tiffany a man can get”
    34. 34. Extend Brand Breath “ While a ring on the left hand symbolized love and commitment, a ring on right-hand is a statement of individuality. ” Marilyn Knight Mosaic 2008 analysis: 51.4% of women are opting singles Lifestyle as their preferred lifestyles. Australia is experiencing the rise of the single Person urban dowelling (SPDU).Wear it on your right hand Independent Ring
    35. 35. Recommendations Beware of the importance of  Alter customers‟ perceived cultural elements in products association towards Tiffany Strengthen awareness of men‟s & Co. collection  Improve the perceived Increase brand breath reputation and design in Market supervision customers‟ mind Store more welcoming  Products associated with different feelings Consistently use a same slogan particularly for the brand  Be more fun and warm Public relationship management
    36. 36. Challenge Faced by Tiffany & CoThe introduction of „Return to Tiffany‟ collectionFrom1997 to 2002, Sales rose by 2/357% are most familiar with silver collectionFundamental threat raised, Tiffany &Co is loosing its identity as a high-endluxury brand
    37. 37. Recommendations TIFFANY YOUNG Beware of the importance of  Alter customers‟ perceived cultural elements in products association towards Tiffany Strengthen awareness of men‟s & Co. collection  Improve the perceived Increase brand breath reputation and design in Market supervision customers‟ mind Store more welcoming  Products associated with different feelings Consistently use a same slogan particularly for the brand  Be more fun and warm Public relationship management
    38. 38. Brand ProfileTIFFANY YOUNGTarget customers - Less affluent customers <Pics> - Younger generation Competitors
    39. 39. Branding Strategy• Silver collections• Sincere, fashionable, youthful• Slogan – A Start of Your Dream Celebrity Endorsement Similar Package <Pics>
    40. 40. Pros & ConsFor:• Opportunity to reposition numbers of products and remain the corporate brand image• Develop new target market with a lower riskAgainst:• Uncertainty for being the first• Cost of developing and launching a different set of marketing/branding strategies

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